The Philippine economy may have slowed in the fourth quarter of 2022, but still likely hit the upper end of the government’s full-year growth target, according to analysts. READ:
People walk past stalls selling Christmas lanterns in San Fernando, Pampanga, Nov. 7. Philippine economic growth likely slowed in the fourth quarter, but hit the upper end of the full-year target in 2022, according to a BusinessWorld poll. — PHILIPPINE STARMIGUEL DE GUZMANmay have slowed in the fourth quarter of 2022, but still likely hit the upper end of the government’s full-year growth target, according to analysts.
It would also mark the second straight year of growth after the record 9.5% contraction in 2020 due to the pandemic. “We think the sequential momentum has decelerated as the initial reopening boost fades, while the deteriorating external outlook weighed on foreign demand as well as business and consumer sentiment,” Mr. Tsuchiya said in an e-mail.
S&P Global Philippines’ PMI data showed factory output in the country expanded to 53.1 in December from 52.7 in November, suggesting a solid improvement in the health of the Filipino manufacturing sector. Emilio S. Neri, Jr., lead economist of Bank of the Philippine Islands , said the national elections and the government’s COVID-19 vaccination drive allowed the economy to reopen, but investor and consumer confidence was dampened by the Russia-Ukraine war.
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